After raising money from Sequoia Capital and ICICI Venture earlier, Star Health & Allied Insurance Company plans to raise $23 million more from Tata Capital Growth Fund.
According to sources, Tata Capital Fund is expected to pick up a stake in the expanded capital of the company. However, the exact details of the saleable stake are not known yet. It could be a minority stake.
When contacted, Star Health CMD V Jagannathan declined to comment on the development, but did not deny either. The company had earlier raised R270 crore from major PE players like Sequoia and ICICI Venture in the last three years. These funds together hold more than 50% stake in the company. The other investors include Oman Insurance and a few other individuals. Oman Insurance is a joint venture partner to Star Health.